SMEs look to new global markets

Recently released research has revealed that a majority of UK SME exporters have ambitious international expansion plans for the coming year. 

According to a survey commissioned by American Express, just over half of all small and medium-sized UK businesses that currently operate internationally plan to enter new global markets during the next 12 months. European countries, including France, Germany and Spain, topped the list of expansion targets, although many firms are also looking across the Atlantic, with a fifth identifying the US as a potential target market.  

A key reason for adopting such a strategy is to support growth aspirations by building business resilience through exporting. In total, nearly three quarters of respondents said that doing business internationally created resilience by providing protection from changing domestic market conditions. In addition, nearly six out of 10 SMEs felt they would see greater returns from international trade than from trading within the UK.  

Commenting on the survey’s findings, American Express Vice President and General Manager of Cross-Border B2B payments Harry Mole said, “Trading internationally continues to offer many fruitful growth opportunities for UK businesses and it’s positive to see that so many plan to expand in the year ahead.”